XML 42 R32.htm IDEA: XBRL DOCUMENT v3.7.0.1
DERIVATIVES AND HEDGING (Tables)
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives Designated in Hedge Relationships
As of March 31, 2017 and December 31, 2016, the notional values or contractual amounts and fair values of the Company's derivatives designated in hedge relationships were as follows (in thousands):
 
Asset Derivatives
 
Liability Derivatives
 
March 31, 2017
 
December 31, 2016
 
March 31, 2017
 
December 31, 2016
 
Notional/
Contract Amount
 
Fair
   Value (1)
 
Notional/
Contract Amount
 
Fair
   Value (1)
 
Notional/
Contract Amount
 
Fair
   Value (2)
 
Notional/
Contract Amount
 
Fair
   Value (2)
Interest rate swaps
$
4,615

 
$
594

 
$
5,855

 
$
660

 
$
4,615

 
$
594

 
$
5,855

 
$
660


(1) 
Included in Loans receivable on the Consolidated Statements of Financial Condition.
(2) 
Included in Other liabilities on the Consolidated Statements of Financial Condition.
Schedule of Derivatives Not Designated in Hedge Relationships
As of March 31, 2017 and December 31, 2016, the notional values or contractual amounts and fair values of the Company's derivatives not designated in hedge relationships were as follows (in thousands):
 
Asset Derivatives
 
Liability Derivatives
 
March 31, 2017
 
December 31, 2016
 
March 31, 2017
 
December 31, 2016
 
Notional/
Contract Amount
 
Fair
   Value (1)
 
Notional/
Contract Amount
 
Fair
   Value (1)
 
Notional/
Contract Amount
 
Fair
   Value (2)
 
Notional/
Contract Amount
 
Fair
   Value (2)
Interest rate swaps
$
317,027

 
$
6,674

 
$
309,936

 
$
7,670

 
$
317,027

 
$
6,674

 
$
309,936

 
$
7,670

Mortgage loan commitments
36,287

 
391

 
42,296

 
30

 
27,012

 
141

 
27,191

 
174

Forward sales contracts
34,198

 
237

 
71,192

 
452

 
33,500

 
196

 
9,715

 
115

 
$
387,512

 
$
7,302

 
$
423,424

 
$
8,152

 
$
377,539

 
$
7,011

 
$
346,842

 
$
7,959


(1) 
Included in Other assets on the Consolidated Statements of Financial Condition, with the exception of those interest rate swaps that were not designated in hedge relationships (with a fair value of $727,000 at March 31, 2017 and $822,000 at December 31, 2016), which are included in Loans receivable.
(2) 
Included in Other liabilities on the Consolidated Statements of Financial Condition.

Gains (losses) recognized in income on derivatives not designated in hedge relationships for the three months ended March 31, 2017 and 2016 were as follows (in thousands):
 
Location on Consolidated
Statements of Operations
 
Three Months Ended
March 31,
 
 
2017
 
2016
Mortgage loan commitments
Mortgage banking operations
 
$
361

 
$
563

Forward sales contracts
Mortgage banking operations
 
(474
)
 
(273
)
 
 
 
$
(113
)
 
$
290
Offsetting Assets and Liabilities
The following tables illustrate the potential effect of the Company's derivative master netting arrangements, by type of financial instrument, on the Company's Consolidated Statements of Financial Condition as of March 31, 2017 and December 31, 2016 (in thousands):
 
March 31, 2017
 
 
 
 
 
 
 
Gross Amounts of Financial Instruments Not Offset in the Consolidated Statements of Financial Condition
 
 
 
Gross Amounts Recognized
 
Amounts offset
in the Statement
of Financial Condition
 
Net Amounts
in the Statement
of Financial Condition
 
Netting Adjustment Per Applicable Master Netting Agreements
 
Fair Value
of Financial Collateral
in the Statement
of Financial Condition
 
Net Amount
Derivative assets
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
7,268

 
$
—

 
$
7,268

 
$
(458
)
 
$
—

 
$
6,810

 
$
7,268

 
$
—

 
$
7,268

 
$
(458
)
 
$
—

 
$
6,810

 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
7,268

 
$
—

 
$
7,268

 
$
(458
)
 
$
(6,304
)
 
$
506

 
$
7,268

 
$
—

 
$
7,268

 
$
(458
)
 
$
(6,304
)
 
$
506

 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
Gross Amounts of Financial Instruments Not Offset in the Consolidated Statements of Financial Condition
 
 
 
Gross Amounts Recognized
 
Amounts offset
in the Statement
of Financial Condition
 
Net Amounts
in the Statement
of Financial Condition
 
Netting Adjustment Per Applicable Master Netting Agreements
 
Fair Value
of Financial Collateral
in the Statement
of Financial Condition
 
Net Amount
Derivative assets
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
8,330

 
$
—

 
$
8,330

 
$
(362
)
 
$
—

 
$
7,968

 
$
8,330

 
$
—

 
$
8,330

 
$
(362
)
 
$
—

 
$
7,968

 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest rate swaps
$
8,330

 
$
—

 
$
8,330

 
$
(362
)
 
$
(7,557
)
 
$
411

 
$
8,330

 
$
—

 
$
8,330

 
$
(362
)
 
$
(7,557
)
 
$
411